Just In: Ashneer Grover’s Crickpe
From someone in their tech team, got to know very curious insights.
CrickPe is built on Solidity smart contracts that automatically enforce performance bonuses for cricketers.
However, the underlying logic is enforced on an ELO based system with log-normal rewards. Essentially, if a cricketer rewards are:
Reward = Expected(reward) +- log(performance).
Their ELO is similarly adjusted on a match by match basis.
Also, Insider reveal is that, VC community is keen on investing and Ashneer is considering raising funds but has made clear that he is willing to liquidate only till he has majority stake in the venture, although aiming at closer to ~75%.
Also, they are experimenting with NFTs linked to rewards that give you insider access to pre-game locker room access with your favourite teams, flying you out to international matches abroad, etc. This will also be tradeable in-app. They are apparently looking for Blockchain Devs/interns for that.
Finally, the biggest news. They’ve apparently launched a bid to get a fan-experience zone specific to CrickPe in the stadiums during IPL. The plan is to sell these tickets at a higher cost. Fans who watch games from this zone get to play a special variant where the highest scorer is given their reward from the MOTM.
Talking product sense with Ridhi
9 min AI interview5 questions
Ashneer took a session today in our college and explained how crickpe is different from other fantasy apps.
Lets say the corpus for a single game collected is 100Cr. Now Dream11/MPL will give back 80Cr to the winners and keep 20Cr with themselves.
There is no incentive for the cricketers to play better.
Crickpe takes the 100Cr corpus, gives back 80Cr to winners, keeps 10Cr for itself and gives the remaining 10Cr to the top performing cricketers in a certain ratio decided by fantasy points.
Found it very interesting, so shared it here :)
Quite insightful, thanks for sharing, tbh, this is the only category which makes real money.
+1 on thanks for sharing. But are we sure this makes real money? What is the core value here?
The core value is people in this country love cricket and will throw their wallets at it.
I'm not getting the part where the cricketer is getting rewarded... Like what value does it bring to me as an end user?
I have a white marble building to sell as a topup NFT to anyone who believes BCCI will allow Grover to pay players based on performance.
“Pay the player” - it’s one thing for them to pay high performing players, but why would a fantasy player who himself is earning 3-5 rupees a match pay Virat Kohli for whom even 50k is pocket change. Lol
Waiting for BCCI to pick up the model and issue player guidelines restricting them from participating in such activities without BCCI consent
There's a glaring loophole as someone pointed out of principal agency problem.
I'm sure they have figured something around this.
It's too early to judge, we haven't this model yet in India, if there's some ego play happening that " X cricketer accepts Y money from CrickPe" for a match, if the amount is too low it might impact their brand value and status quo, in that case, this model might not work imo,
If cricketers openly start accepting money through this app, then it will be interesting to watch, but Dream11 has already built distribution and is #1 in this category, so it won't be difficult for them to plug this model
I heard that during the first few days the 'terms and conditions' section of Cricpe was a blind copy paste of Dream11. They didn't even remove reference to Dream11 name.
Players don't play better to get money from fantasy apps lol. They play to make a name for themselves and get brand deals.
Anyone has his new email ID?